The European Commission has postponed the deadline for selling the new institutions born from the rescue of Banca Marche, Banca Etruria, CariFerrara and CariChieti. The extension of the terms had been requested by the Italian Government and, the Commission points out, “can contribute to the positive conclusion of the sale of the four banks, which must be done according to an open and non-discriminatory process. Like the original deadline - writes Brussels - the new deadline is confidential in order to maintain the effectiveness of the sales process”.
The Commission briefly recalls the story of the four banks now in resolution: the bridge banks were created in November when the Bank of Italy placed Banca Marche, Banca Etruria, Carife and CariChieti under resolution. With the approval of the European Antitrust, the Italian resolution fund granted 3,6 billion of state aid to cover the difference between the transferred assets and the liabilities and to capitalize the bridge banks. Plus an additional aid of 400 million euros of guarantees.
To limit distortions of competition deriving from public aid, recalls the Commission, Italy has undertaken to keep the bridge banks alive only for a limited period. "In view of the extension of the deadline for the sale, Italy has provided additional commitments to limit the distortion of competition and ensure that no further State aid will be granted to the bridge banks".
